Crypto Market Enters New Normal of Macroeconomic Pricing

The cryptocurrency market has experienced a significant downturn in the first quarter of 2026, driven by macroeconomic factors. The crash was triggered by the convergence of three liquidity tightening factors: large-scale unwinding of yen carry trades, US Treasury's TGA account rebuilding, and systematic increases in margin requirements.

These factors have led to a new normal for the cryptocurrency market, where macroeconomic pricing plays a dominant role. As such, crypto assets will face ongoing repricing pressures as investors reassess their risk exposure.